Dhaka, May 24 -- Bangladesh is set to formally launch its long-awaited offshore bidding round today (Sunday), offering 26 hydrocarbon-exploration blocks to international oil companies (IOCs) under significantly improved contractual terms.

The move marks one of the government's most ambitious efforts in recent years to attract foreign investment into the country's energy sector amid growing concerns over long-term energy security.

The fresh bid round comes as Bangladesh seeks to reduce its vulnerability to global fuel market disruptions caused by the prolonged Middle East crisis and restrictions on vessel movements through the Strait of Hormuz.

Officials say the revised production-sharing framework includes major incentives aimed at rev...